South African firm and Johnson & Johnson strike vaccine deal South

 Johnson & Johnson would be responsible for supplying the vaccine in large batches and Aspen would put it into vials and package it for individual doses, pending a final commercial agreement, said the statement issued by Aspen.

Aspen chief executive Stephen Saad said the company has invested more than 3 billion rand ($184 million) in its South African facility and has a track record of supplying drugs for the treatment of HIV/Aids and multi-drug-resistant TB.

The 7-day rolling average of daily new cases in South Africa did not increase over the past two weeks, going from 2.73 new cases per 100,000 people on Oct. 18 to 2.64 new cases per 100,000 people on Nov. 1.

The country has a total of 726,823 cases, representing more than 40% of all cases recorded in Africa, according to the Africa Centers for Disease Control and Prevention.

In July protesters demonstrated in Johannesburg against vaccine trials of a vaccine being tested by the University of Oxford, in which about 2,000 people were expected to participate.

The protesters told The Associated Press then that people chosen as volunteers for the trials were from impoverished backgrounds and not fully aware of the potential risks associated with clinical trials. However, academics running the trials said that all those participating were given considerable information about the trial and had to take an examination about the trial and pass with a rate of 80% Experts told a United Nations webinar in June this year that misinformation about testing fueled anti-vaccine sentiment in Africa.

Bandhan Bank Q2 net profit falls 5% to Rs 920 crore; NII rises 26%

 Private sector lender Bandhan Bank on Monday reported a 5.3 fall in net profit for the September quarter (Q2FY21) at Rs 920 crore due to additional provisions made for Covid-related uncertainties, even as it saw a robust 26 per cent growth in net interest income (NII). It had earned a net profit of Rs 971.8 crore in the corresponding period last financial year.

Sequentially, though, net profit was up more than 67 per cent. Also, the bank earned its highest pre-tax profit at Rs 1,233 crore in the reporting quarter, up 6.2 per cent.

NII was up almost 26 per cent to Rs 1,923 crore against Rs 1,539 crore in the corresponding period last financial year. Non-interest income, however, rose only 6 per cent to Rs 381.8 crore. Net interest margin (annualised) stood at 8 per cent against 8.2 per cent last year.

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Shares of the bank closed 4 per cent higher at Rs 300.85 on the BSE. The lender has set aside Rs 300 crore as additional provisions for standard assets this quarter. This takes the banks’ total additional provision to Rs 2,096 crore, which includes the additional standard asset provision for its micro-banking portfolio. “These provisions are higher than the minimum requirement by the RBI,” the bank said in its exchange notification. In the previous quarter (Q1FY21), the bank had made provisions of Rs 849 crore which included additional provision of Rs 750 crore for Covid-19.

Asset quality of the lender has improved both sequentially and year-on-year. Gross NPAs stood at 1.2 per cent in Q2FY21, compared to 1.4 per cent in the previous quarter and 1.8 per cent in the corresponding quarter last financial year. Similarly, net NPAs was down to 0.4 per cent.

If not for the Supreme Court’s interim order on a standstill in classifying accounts as NPA, the bank’s gross NPAs would have been 1.5 per cent.

“As the moratorium ended, coupled with a robust rural performance, we have seen an all-round improvement in collection, disbursement and deposits. On the deposits front, we have witnessed the best-ever quarter whereas on disbursement front, we are close to pre-Covid level,” said Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank.

Immigration dept stops NMC founder B R Shetty from flying to UAE: Report

 NMC Health founder B R Shetty was prevented from departing to the United Arab Emirates (UAE) early on Saturday by immigration officials at Bengaluru airport, a source with direct knowledge of the matter said on Sunday.

Shetty had said in a statement on Saturday he planned to return to the UAE and denied reports he had fled the country after the hospital group's implosion under a mountain of previously undisclosed debt.

Shetty's wife was allowed to fly to Abu Dhabi, the source said.

"He was told that we have some kind of intimation that you cannot travel at this point in time," the source said, adding Shetty was not detained.

Shetty could not be reached for comment on his cellphone. His spokesman declined to comment beyond the statement issued by Shetty on Saturday. Immigration officials in Bengaluru could not immediately be reached for a comment.

NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.

Shetty is also facing a legal challenge in India, where Bank of Baroda is suing him for backing away from an agreement it says was decided at a March meeting to give the bank 16 properties as collateral for debts and to secure additional guarantees.

Shetty has said the agreement was a "fraudulent document", according to a statement of objection filed to an Indian court and seen by Reuters.

ONGC books Rs 1,238 crore impairment loss, Q2 net profit down 55%

 India's top oil and gas producer ONGC booked a Rs 1,238-crore impairment loss, which together with a fall in prices led to a 55 per cent drop in the company's September quarter net profit.

Standalone net profit at Rs 2,878 crore in July-September quarter was 54.6 per cent lower than Rs 6,336 crore net profit a year ago, the company said in a statement.

Revenue dropped 31 per cent to Rs 16,917 crore.

The company got USD 41.38 for every barrel of crude oil it produced and sold in the second quarter of the current fiscal. This was 31.4 per cent lower than USD 60.33 per barrel price it had got in July-September 2019.

Gas price was also down by more than one-third to USD 2.39 per million British thermal unit.

"The revenue and profit-after-tax (PAT) for Q2 and H1 of FY'21 have declined as compared to corresponding period of FY'20 mainly due to lower crude oil price realisation. Lower gas prices also contributed to lower topline and bottomline," it said.

Oil and Natural Gas Corp (ONGC) recognized "an exceptional item towards impairment loss of Rs 1,238 crore in Q2 FY'21 to factor into estimated future crude oil and natural gas prices," the statement said.

An impairment loss is a recognised reduction in the carrying amount of an asset that is triggered by a decline in its fair value.

The company said it considered possible effects of low crude oil and natural gas prices on the recoverability of its cash generating units in accordance with Indian Accounting Standards (Ind AS).

It also considered the business conditions to make an assessment of the implication of pandemic, estimate of future crude oil and natural gas prices, production, and reserves volumes.

In January-March quarter, ONGC had booked an impairment loss of Rs 4,899 crore, which led to the firm reporting its first-ever quarterly loss of Rs 3,098 crore.

"This impairment loss (of Q2 FY'21) may be reversed in future as and when there is an increase in crude oil and gas price," ONGC said.

However, net profit for July-September was 480 per cent higher than Rs 496 crore net profit in Q1 FY'21 due to recovery in crude oil prices.

Crude oil production was marginally higher at 4.81 million tonnes in July-September as compared to 4.78 million tonnes in the corresponding period of previous fiscal.

Natural gas output fell to 5.7 billion cubic metres (bcm) from 5.9 bcm in July-September 2019 after demand fell due to the COVID-19-induced lockdown.

During April-September (H1), net profit fell 72.6 per cent to Rs 3,374 crore. Revenue slumped 41.4 per cent to Rs 29,927 crore.

Reliance Retail Ventures acquires 96% holding in Urban Ladder for Rs 182 cr

 Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) for a cash consideration of Rs 182.12 crore.

The investment represents 96 per cent holding in the equity share capital of UrbanLadder. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of UrbanLadder.

RRVL proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.

UrbanLadder was incorporated in India on February 17, 2012. UrbanLadder is in the business of operating a digital platform for home furniture and decor products.

It also has a chain of retail stores in several cities across India. UrbanLadder's audited turnover was Rs 434 crore, Rs 151.22 crore and Rs 50.61 crore, and Net Profit/(Loss) of Rs 49.41 crore, Rs 118.66 crore and Rs 457.97 crore in FY 2019, FY 2018 and FY 2017 respectively.

The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group, while enhancing user engagement and experience across its retail offerings.

No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter/promoter group/group companies have any interest in the transaction.

 

Aurobindo, Zydus, Jubilant, others recall various products in US market

 Indian drug firms like Marksans Pharma, Aurobindo Pharma, Zydus and Jubilant are recalling products in the US market, as per the latest enforcement report by the US Food and Drug Administration (USFDA).

While Marksans Pharma is recalling diabetes drug, Zydus Pharmaceuticals (USA) is recalling drug which is used to reduce stomach acid.

Similarly,Aurobindo Pharma (USA) is recalling pain relieving drug, while Jubilant Cadista is recalling a medication used to treat schizophrenia.

As per the USFDA, Marksans Pharma is recalling close to six lakh bottles of diabetes drug Metformin Hydrochloride extended-release tablets in strengths of 500 mg and 750 mg in the US market.

The medication lot has been manufactured at the company's Goa-based manufacturing facility.

As per the USFDA, the company is recalling the product due to deviation from the current good manufacturing practices (CGMP).

"FDA analysis detected N-Nitrosodimethylamine (NDMA) impurity above the acceptable intake level," it noted.

NDMA has been defined as a probable human carcinogen.

Metformin Hydrochloride extended-release tablet is a prescription oral medication indicated as an adjunct to diet and exercise to improve blood glucose control in adults with type-2 diabetes mellitus.

Various companies across the globe have announced similar recalls for the product after the USFDA pointed out presence of NDMA above permissible limits.

FDA's testing has shown elevated levels of NDMA in some extended release (ER) metformin formulation, but not in the immediate release (IR) formulation or in the active pharmaceutical ingredient.

NDMA is classified as a probable human carcinogen based on results from laboratory tests. It is a known environmental contaminant and found in water and food, including meats, dairy products and vegetables.

Further, the USFDA said Zydus Pharmaceuticals (USA) is recalling 14,748 cartons of Lansoprazole delayed-release orally disintegrating tablets due to failed dissolution specification. The product has been manufactured by Ahmedabad-based Cadila Healthcare.

The USFDA has classified the initiatives taken by Marksans and Zydus as class II recalls.

As per the USFDA, a class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

Further, the US health regulator said Aurobindo Pharma USA is recalling 7,440 bottles of Ibuprofen oral suspension drug for labelling error.

Besides, Jubilant Cadista Pharmaceuticals, Inc is recalling 23,616 blister packs of Olanzapine orally disintegrating tablets for being "subpotent", the USFDA noted.

The recalled lot has been produced by Roorkee-based (Uttarakhand) Jubilant Generics.

The US health regulator classified both the recalls as class III.

As per the USFDA, a class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences".

Prestige Group's Q2 sales booking up 9% at Rs 1,123 cr despite slowdown

 Realty firm Prestige Estates Projects' sales bookings rose 9 per cent year-on-year to Rs 1,123.3 crore during September quarter on better demand for its residential properties despite the COVID-19 pandemic.

The Bengaluru-based real estate developer had reported a sales booking of Rs 1,026.3 crore in the year-ago period.

According to a company's investors presentation, Prestige Group's sales booking in the first six months of 2020-21 declined to Rs 1,584.4 crore from Rs 2,042.5 crore in the corresponding period of the previous year.

Housing sales were badly affected during April-June because of the national lockdown, which was imposed to curb the spread of the coronavirus disease.

According to PropTiger.com, housing sales in eight major cities fell 54 per cent year-on-year in January-September 2020 to 1,23,725 units.

The demand has been gradually improving from July onwards, especially for those players who have a better track record of executing real estate projects on time.

During April-September period, Prestige Group launched three new residential projects.

Its rental income from leased commercial assets stood at Rs 404 crore in the first half of this fiscal year, the presentation said.

Prestige Group's net debt stood at Rs 8,667.6 crore at the end of the second quarter with an average borrowing cost of 9.65 per cent.

In a bid to reduce its debt significantly, Prestige Group is selling a large portfolio of its commercial assets -- office, shopping malls and hotels -- to global investment firm Blackstone for over Rs 9,000 crore.

The term sheets between the two parties have already been signed and the deal is likely to be concluded next month.

Prestige Estates Projects recently reported 40 per cent fall in consolidated net profit at Rs 93.8 crore for the quarter ended September. It had posted a net profit of Rs 157.2 crore in the year-ago period.

Total income stood at Rs 1,916.7 crore in the second quarter of this financial year as against Rs 1,962.7 crore in the year-ago period.

Prestige Group has so far completed 247 projects covering 134 million sq ft area.

In housing segment, the company has completed 118 projects and is currently developing 30 more projects.

Prestige has completed 36 million sq ft of office space and 15 million sq ft area is under construction. In shopping mall segment, it has completed 7 million sq ft and is building another 3 million sq ft area.

In hotel business, Prestige has 1,262 keys and is developing 1,229 keys.